2012年11月银行间市场运行报告

China＇s interbank market performance in November 2012

2012年11月，银行间市场整体平稳运行，主要特点是：随货币政策转向净回笼，货币市场利率小幅波动；市场降息降准预期减弱，银行间债券收益率曲线下移；人民币对美元即期市场成交价连续涨停，人民币汇率升值势头延续并创历史新高，但市场流动性下降；利率互换成交大增，短期限交易活跃，利率互换曲线全线上行；汇率衍生品市场交投继续活跃，市场份额大幅提升。

In November 2012, the interbank market developed stably on the whole. Its main characteristics were as follows： money market interest rate fluctuated slightly as the monetary policy turned to net money withdrawal; the market expectations of reserve requirement ratio and interest rate cut weakened, and the interbank bond yield curve went down; USD/CNY spot trading rate hit the upper limit continuously and RMB appreciation trend continued and hit a record high, but the market liquidity declined; IRS trading increased greatly, short-term trading was active, and IRS curve went up on the whole; and the exchange rate derivatives market maintained active trading, with its market share increasing remarkably.